Precious Metals News & Analysis - Gold News, Silver News from Money Metals Exchange

Anatomy of Media Bias: Yahoo Article Implies Federal Revenue Fell Last Year Driving the Deficit

Tue, 20 Oct 2026 00:00:00 EST

I ran across a glaring example of mainstream media bias that I want to highlight for you.

Accusations of “fake news” are often overplayed. However, mainstream media bias is a thing, and you should be aware of it, even in financial news reporting.

On Friday, the Treasury Department released the September 2026 Monthly Treasury Statement, revealing https://www.moneymetals.com/news/2026/10/19/trump-administration-runs-third-largest-federal-budget-deficit-in-history-005303";>the federal government ran a deficit of nearly $2 trillion. It was the third-largest budget shortfall in history.

Democrats like to blame large budget deficits on tax cuts, and Yahoo Finance Washington Correspondent Ben Werschkul was bound and determined to advance this narrative.

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The problem is: it isn’t true.

Ben isn’t a greenhorn reporter. According to his bio, he “covered Washington for over 20 years as a reporter and video producer, working previously at The New York Times and CNN.”

I can’t help but note that the Times and CNN are notorious for left-wing bias. Apparently, Ben packed some in his bag and headed over to Yahoo Finance.

The reporting in the top half of https://finance.yahoo.com/economy/policy/article/the-us-federal-budget-deficit-for-2026-just-came-in-its-1992-trillion-191917669.html"; target="_blank" rel="noopener">his story is pretty standard and unobjectionable. Werschkul highlighted the deficit data and put it in context with the https://www.moneymetals.com/news/2026/08/20/the-40-trillion-national-debt-in-perspective-005151";>surging national debt. He accurately described federal spending growth. He also noted the rapidly increasing interest expense and the impact of tariffs.

So far, so good.

And then our intrepid reporter launched into a subsection headlined “Revenue downturn.”

Let’s just pause here for a moment.

When you read that subheading, you naturally assume that federal revenues fell last year, right?

Hold that thought.

The first paragraph of this subsection reads:

“The revenue side of the U.S. government's budget equation has also faltered on some fronts in 2026, in part due to tax cuts implemented by Trump's ‘One Big Beautiful Bill.’”

There you have it. Revenue fell because the Republicans cut taxes! It’s the standard left-wing argument.

Werschkul then launched into an overview of Congressional Budget Office (CBO) analysis, noting that tariff revenue declined along with corporate income tax collections.

“The group calculates that corporate income taxes decreased by 16% in 2026 as the new tax cuts allowed corporations to take larger deductions ‘and offset the increases in those receipts that otherwise would have been expected, given the rise in corporate income.’"

This paragraph feels intentionally confusing. What does this really mean?

Let’s break it down:

Corporate income rose last year.
Provisions in the One Big Beautiful Bill allowed corporations to take larger deductions.
Corporate tax revenue fell 16 percent year-on-year despite rising corporate income.

On a side note, there's an unspoken assumption baked into this argument – that corporate income would still increase absent the tax cuts. However, tax cuts tend to stimulate economic activity. Tax relief may well have stimulated business and increased corporate income. In other words, the tax cuts weren't all bad. While the Trump tax cuts may have squeezed revenue through more deductions and lower tax rates, they may have also boosted revenue through economic growth. You would need an in-depth economic study to determine the net impact.

But for the sake of argument, let’s assume that Werschkul’s spin is correct and revenue was 16 percent lower than it otherwise would have been. Did that cause a massive budget deficit?

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To be fair, that’s not the only factor Werschkul considered. He noted the tariff debacle squeezed federal revenue after the Supreme Court ruled Trump’s edicts unconstitutional.

“This turnabout in tariffs led to a deficit approximately $140 billion higher than projections from just a few months ago.”

That’s it. That completes Werschkul’s analysis of federal revenue.

Given this information, what would you conclude?

It’s pretty obvious that the federal government had a big revenue problem because Trump is a big dummy.

But Werschkul left something out of his reporting.

While he mentions how much revenue the federal government collected last year ($5.4 trillion) in the first paragraph, he never puts it into any context. He fails to compare this year's receipts to last year.

In fact, the federal government collected 3.2 percent more than it collected in 2025.

Wait. What?

Isn’t that at least a little bit relevant here?

When you read Werschkul’s article, you almost certainly come away thinking the federal government ran a bigger deficit because it collected less money. After all, Trump cut taxes. However, even with tax cuts, federal revenue grew!

And by the way, U.S. federal receipts climbed 6 percent in 2025, and 11 percent in 2024.

This is not a revenue problem.

It’s a spending problem.

Federal outlays grew by 5.5 percent in 2026.

For the life of me, I can’t figure out how a veteran reporter left out the fact that revenue increased while creating the impression that it fell. I’ll let you speculate on the reasons.

I do have one caveat.

This may not be Ben’s fault.

He may have included the revenue information, and the editor cut it out. If that’s the case, the editor is just really bad at his job or has an agenda to advance.

I should also note that Werschkul probably didn’t write the misleading “Revenue downturn” subheading. Copyeditors generally write headlines, not reporters.

But let me reiterate, this is an egregious subheading. There was no overall revenue downturn. Revenue was up. If an editor inserted something like that into my story, I would throw a royal fit.

Why?

Because it’s not true.

Consider the ramifications.

Thousands, if not millions, of people read this article. They now believe federal revenue was down last year.

This is a great example of media bias at work. Ben didn’t write anything untrue (The awful subheading he probably didn’t write notwithstanding). He merely left out relevant information. Call it a sin of omission.

But this kind of stuff shapes thinking, and you need to be aware of it. You would be wise to read stories from multiple sources, including those that may not confirm your point of view.

Former Fed Insider Selling Bank Stocks and Buying Gold

Tue, 20 Oct 2026 00:00:00 EST

A former Fed insider has sold all his bank stocks, and he’s piling money into gold.

Christopher Whalen has worked for over three decades as a writer and financial analyst in Washington, along with a stint as a researcher at the New York Fed. Whalen also held various positions at Bear, Stearns & Co., Prudential Securities, and Carrington Mortgage Holdings. He currently serves as Whalen Global Advisors chairman.

During a Kitco News interview, Whalen said he recently sold all of his bank stock.

“I actually put a couple of short positions down on some consumer lenders because I think credit is going to go up in terms of expenses. And I emphasized precious metals, energy stocks, and also income.”

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Whalen predicted lean times for lenders, as credit prices (interest rates) climb.

“Bank earnings and credit, those are the two immutable concepts in banking. When credit costs go up, earnings go down, and bank stocks suffer accordingly.”

He also warned that we will soon see “higher consumer delinquency” as massive borrowing over the last few years catches up with American households.

In fact, LegalShield’s Consumer Stress Index indicates https://www.moneymetals.com/news/2026/10/16/financial-stress-at-levels-not-seen-since-the-pandemic-005300";>American financial stress has reached pandemic-era levels.

So, what has Whalen replaced his bank stocks with?

Gold.

Whalen said he’s taken advantage of the “softness in gold and silver in the first half of this year” to add to his positions.

He called precious metals an “asymmetric trade” with far more upside potential than risk. He noted the ongoing debasement trade, saying he thinks it will continue.

“The global central banks are continuing to shift away from dollars, shift towards gold, and to a lesser extent silver, simply because they want an independent reserve asset that is not controlled by another country.”

Whalen said he doesn’t think the dollar is in any danger of losing its reserve currency status.

“But I do think that the dollar is going to be competing with other fiat currencies.”

As I have noted many times, even a modest https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898";>de-dollarization spells trouble for the U.S. economy. The federal government depends on global demand for dollars to absorb its money creation and support its borrowing and spending. If the world needs fewer dollars, they will flow back to the U.S., creating additional inflationary pressure.

Whalen called gold “a measure of inflation.” He noted that Andrew Jackson’s face is on the $20 bill and urged listeners to consider what that $20 buys today.

“He would not be happy, I’m telling you.”

As for the Federal Reserve, Whalen said he doesn’t think the central bank wants to hike rates any further, and he believes a slowing economy will force a rate cut as early as Q1 2027. He also thinks the Fed will relaunch https://youtu.be/ipaQAgOCJBk";>quantitative easing (QE) to support the bond market and drive down the federal government's borrowing costs.

“I think the Fed will have to print. In other words, they will have to start buying Treasury securities again the way they did during and immediately after COVID.”

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He noted that we are already “very familiar” with this kind of debt monetization, pointing out that the central bank bought $10 trillion in securities between 2008 and the end of the pandemic era.

“Essentially, they forgave the debt. And what happened was, the banking system grew. That’s where the inflation is. Deposits grow. Assets grow. And the system gets bigger.”

Meanwhile, the U.S. national debt grows as well. The Trump administration ran https://www.moneymetals.com/news/2026/10/19/trump-administration-runs-third-largest-federal-budget-deficit-in-history-005303";>the third-largest budget deficit in history in fiscal 2026. Whalen warned that the U.S. is in “a very tenuous situation.” However, nobody in Washington, including at the Fed, wants to talk about the deteriorating fiscal situation.

“We’re kind of in a daydream. It’s like we’re having a nice nap, and we’re not even worried about anything that’s remotely important.”

Whalen emphasized that hard assets, including gold and silver, are a way people can protect themselves.

“You know that the government is going to continue to spend, and that eventually, the central bank is going to have to inflate the currency.”

How Much Does a Silver Bar Weigh - Silver Bar Weight Chart From 1 Gram to 1,000 oz in Pounds and Kilos - Kitchen Scale Readings and Good Delivery Bar Tolerances - Money Metals

Mon, 19 Oct 2026 00:00:00 EST

Silver bars are not produced in a single standard weight or size. Refiners and mints offer bars in a range of weights. They can be as small as a single gram or as large as 1,000 ounce bars that are stored in institutional vaults.

Most private investors choose products that fall somewhere in between, such as 1 oz, 10 oz, kilo, or 100 oz bars.

Measurements can also present confusion about bar sizes. Many newcomers to precious metals see “ounces” and assume silver is measured like the ounces on their kitchen scales. However, precious metals are measured in troy ounces, which are approximately 10% heavier. That difference explains why a new bar can appear “overweight” if you measure it at home.

This guide lists the exact weight of every common bar size. We also discuss what a household scale should display and explain how to confirm that a bar’s dimensions and weight are consistent.

Quick Answer: How Much Does a Silver Bar Weigh?

1 oz bar: 31.10 grams
10 oz bar: 311.03 grams (0.69 pounds)
Kilo bar: 32.15 troy ounces (2.20 pounds)
100 oz bar: 3.11 kilograms (6.86 pounds)
1,000 oz bar: 31.10 kilograms (68.57 pounds) on paper, although real bars can weigh anywhere from 900 to 1,100 troy ounces

Silver Bar Weight Chart: Every Size in Troy Ounces, Grams, and Pounds

The chart below converts each common bar size into three units of measurement: troy ounces, grams, and pounds. The final column shows what an ordinary kitchen or postal scale should display, because those scales measure in standard ounces.

Every figure was calculated from the official conversion factors published in https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44, Appendix C, which defines one troy ounce as 31.1034768 grams and one pound as 453.59237 grams.

Bar Size	Troy Ounces	Grams	Pounds	Kitchen Scale Reads
1 gram	0.03	1	0.002	0.04 oz
5 gram	0.16	5	0.011	0.18 oz
10 gram	0.32	10	0.022	0.35 oz
1 oz	1	31.10	0.069	1.10 oz
100 gram	3.22	100	0.220	3.53 oz
5 oz	5	155.52	0.343	5.49 oz
250 gram	8.04	250	0.551	8.82 oz
10 oz	10	311.03	0.686	10.97 oz
1 lb	14.58	453.59	1.000	1 lb 0.0 oz
500 gram	16.08	500	1.102	1 lb 1.6 oz
1 kilo	32.15	1,000	2.205	2 lb 3.3 oz
50 oz	50	1,555.17	3.429	3 lb 6.9 oz
100 oz	100	3,110.35	6.857	6 lb 13.7 oz
5 kilo	160.75	5,000	11.023	11 lb 0.4 oz
1,000 oz	1,000	31,103.48	68.571	68 lb 9.1 oz

Several sizes regularly confuse new buyers, particularly the metric and pound-based bars. A kilo bar contains 32.15 troy ounces, which makes it considerably lighter than a 100 oz bar, and our guide to https://www.moneymetals.com/measurement/how-many-troy-ounces-in-a-kilo";>how many troy ounces are in a kilo explains that conversion step by step.

A bar sold as “1 lb” contains one standard pound of silver. That equals 14.58 troy ounces of silver.

Troy Ounces vs Kitchen-Scale Ounces

Why a Troy Ounce Is Heavier

Gold, silver, and other precious metals are measured in troy ounces. One troy ounce equals 31.1035 grams. This is different from the typical ounce, which is officially called the avoirdupois ounce, equals only 28.3495 grams. That is the ounce used for everyday measurements like food and postage.

This difference means that one troy ounce is equivalent to about 1.097 standard ounces, a difference of approximately 9.7% (https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44, Appendix C). That difference seems minor on a single coin or bar, but it grows quickly with larger sizes: on a typical kitchen scale, a 100 oz bar registers almost 110 ounces.

Why Your 10 oz Bar Weighs 11 Ounces

This is one of the most common questions from first-time silver buyers. Usually, it has an innocent explanation.

One https://www.reddit.com/r/Gold/comments/1pnhd52/why_does_10_oz_bar_weigh_11_ounces/";>Reddit user asked why a 10 oz bar weighed 11 ounces on a home scale. The explanation turned out to be simple: the scale was set to standard ounces rather than troy ounces.

In other words, a bar that reads slightly “heavy” on a kitchen scale is usually exactly what it claims to be. Typical bar sizes will display the following measurements when measured in standard ounces and pounds:

1 oz bar: 1.10 oz
10 oz bar: 10.97 oz
Kilo bar: 2 lb 3.3 oz
100 oz bar: 6 lb 13.7 oz

For the most reliable comparison, switch your scale to grams. Many jewelry scales include a troy ounce setting, which is often labeled “ozt.”

What "1 lb" Means on a Silver Bar

Pounds create the same type of confusion, particularly for buyers who are accustomed to everyday household measurements. When a silver bar’s weight is listed in pounds, it refers to the standard pound, which equals 14.58 troy ounces (https://www.nist.gov/document/2026-nist-handbook-44-appendix-c";>NIST Handbook 44, Appendix C).

That is why a 100 oz bar weighs 6.86 pounds rather than the 6.25 pounds you would get by simply dividing 100 by 16.

Why a Silver Bar Can Weigh More or Less Than Its Label

Poured Bars Often Run Slightly Heavy

Poured bars, also called cast bars, are produced by pouring molten silver into a mold. Because it is difficult to hit an exact weight with that method, small variations are normal, and collectors have noticed the pattern. On the Collectors Universe forum, one member observed that “the poured Engelhard 10 oz bars always seem to be https://forums.collectors.com/discussion/782062/do-you-guys-who-buy-bars-weigh-them-on-a-routine-basis";>several grams on the heavy side.”

Minted bars follow a different process. These bars are cut from flat sheets of silver and then stamped, which produces a cleaner shape and a more precise weight. Our https://www.moneymetals.com/measurement/how-much-does-a-gold-bar-weigh";>gold bar weight guide goes into more detail about cast and minted bar differences; the same manufacturing methods apply to silver.

Watch for Bars Labeled in Standard Ounces

Occasionally, a seller labels a bar in standard ounces instead of troy ounces. https://nationwidecoins.com/news/8-facts-you-need-to-know-about-10-oz-silver-bars/";>Nationwide Coin warns that “shadier sellers” sometimes try to pass off a standard ounce as a troy ounce.

A bar containing 10 standard ounces of silver holds only 9.11 troy ounces. As a result, the buyer receives almost a full troy ounce less than expected.

Before you buy, examine the stamp carefully. Most bullion bars are https://www.moneymetals.com/1-oz-generic-silver-bar/153";>stamped with their weight and purity, such as “10 troy oz .999 fine silver.” If you do not see a measurement that specifies troy ounces, ask the seller to confirm the weight.

The 1,000 oz Silver Bar Isn't Exactly 1,000 Ounces

The largest standard silver bar is the 1,000 oz “Good Delivery” bar. Financial institutions, such as banks, vaults, and futures exchanges, use these bars to settle large trades. The bar’s name describes a target weight rather than an exact figure.

The https://www.lbma.org.uk/publications/good-delivery-rules/technical-specifications";>London Bullion Market Association (LBMA) sets the specifications for these bars. Under its rules, a 1,000 oz bar may weigh 10% more or less than its nominal weight.

That means an acceptable bar can weigh anywhere from 900 to 1,100 troy ounces, or roughly 61.7 to 75.4 pounds. Bars produced before January 1, 2025 were allowed a wider range of 750 to 1,100 troy ounces. Bars produced before 2008 could weigh between 500 and 1,250 troy ounces.

The LBMA specifications also include these requirements:

Purity: a minimum fineness of 999.0 parts per thousand silver
Weight: recorded in increments of 0.10 troy ounce and always rounded down
Dimensions: a top length of 300 mm, a top width of 130 mm, and a height of 80 mm, each with a permitted tolerance (approximately 11.8 by 5.1 by 3.1 inches at the midpoint)

In the United States, the https://www.cmegroup.com/content/dam/cmegroup/rulebook/COMEX/1a/112.pdf";>COMEX silver futures contract follows the same principle. Each contract covers 5,000 troy ounces, delivered as five bars of 1,000 troy ounces each. Every bar may be 10% heavier or lighter as long as the silver is at least 999 fine.

Consequently, when https://www.moneymetals.com/1000-oz-silver-bars/148";>you buy a 1,000 oz bar, you pay for its actual weight rather than the number in its name. At Money Metals, 1,000 oz silver bars are priced per ounce, and because these bars are difficult to ship safely, they remain in an approved depository under segregated storage.

To calculate the pure silver content of a large bar, multiply its recorded weight by its purity. For example, a 1,012.4 oz bar that is .999 fine contains about 1,011.4 troy ounces of pure silver.

How Big Is a Silver Bar? Size, Density, and Shape

Most retail silver bars do not have standard dimensions. Each mint or refinery chooses and follows its own design. As a result, two 10 oz bars from different refineries can look significantly different.

As an example, the https://www.moneymetals.com/money-metals-design-silver-bar-10-ounce-999-pure/1299";>Money Metals Design 10 oz silver bar measures 89.88 by 45.72 by 7.62 millimeters. Measured in inches, that makes it roughly 3.5 by 1.8 by 0.3 inches. Other https://www.moneymetals.com/buy/silver/bars/10-oz-silver-bars";>10 oz silver bars use different shapes.

Although the shape can change, the amount of space the silver occupies cannot. Silver has a density of approximately 10.5 grams per cubic centimeter (https://www.lanl.gov/science-engineering/periodic-table/element/silver";>Los Alamos National Laboratory), which determines the volume of every bar regardless of its design:

Bar Size	Volume of Silver
1 oz	2.96 cm³ (0.18 cubic inches)
10 oz	29.6 cm³ (1.81 cubic inches)
Kilo	95.2 cm³ (5.81 cubic inches)
100 oz	296 cm³ (18.1 cubic inches)
1,000 oz	2,961 cm³ (181 cubic inches)

This relationship provides a useful verification for any bar you own or plan to buy. If you multiply a bar’s length, width, and thickness, the result should land close to the above figure. It will often be a little higher because of rounded edges and stamped designs.

For example, the Money Metals 10 oz bar calculates to roughly 31 cm³. That is within 6% of the 29.6 cm³ of silver it actually contains.

When a listing’s measurements are far from these figures, something is wrong with either the listing or the bar. Suppose a seller describes a 100 oz bar as 4 by 2 by 0.5 inches: that calculates to only 4 cubic inches. That is enough space for about 22 troy ounces of silver, but it certainly would not fit a 100 oz bar.

Silver Bars vs Gold Bars of the Same Weight

Gold is considerably denser than silver, at about 19.3 grams per cubic centimeter (https://www.lanl.gov/science-engineering/periodic-table/element/gold";>Los Alamos National Laboratory). As a result, a silver bar is approximately 1.84 times larger than a gold bar of identical weight, so a 1 oz silver bar is nearly twice the size of a 1 oz gold bar. For the gold comparison, see https://www.moneymetals.com/measurement/how-much-does-a-gold-bar-weigh";>how much a gold bar weighs.

How to Check a Silver Bar's Weight at Home

It’s fairly straightforward to perform a basic inspection on your own. For most bars, you can do a sufficient check with a digital scale and ruler, or else a set of calipers.

Weigh the bar in grams. Grams eliminate the confusion between troy and standard ounces. You can compare your reading directly to the chart above.
Expect small variations. Poured bars may weigh a few grams over their stated weight, but a bar that is clearly underweight deserves closer inspection.
Measure the dimensions. Multiply the length, width, and thickness, then compare the result to the volume table.
Inspect the stamp. Look for the weight, the purity (such as .999), and the name of the manufacturer.
Combine several tests. Weight alone cannot prove a bar is genuine. For example, copper has a density of roughly 8.9 grams per cubic centimeter (https://www.lanl.gov/science-engineering/periodic-table/element/copper";>Los Alamos National Laboratory). Counterfeiters often use copper cores in counterfeits that they coat with a layer of silver. However, to get the right weight, the copper bar is roughly 18% larger than the real silver. That is why size and weight together reveal more than either measurement alone.

You can learn more about silver verification methods on our https://www.moneymetals.com/guides/how-to-test-gold-and-silver-at-home";>how to test gold and silver at home page.

What a Silver Bar Is Worth by Weight

Governments can print paper currency at will. In contrast, a silver bar’s value rests on something you can measure on a scale. Its metal value, otherwise known as its melt value, depends on its weight and the current silver spot price. Because spot is quoted per troy ounce, convert the bar’s weight to troy ounces first.

Check today's https://www.moneymetals.com/silver-price";>silver spot price, then apply the formula that matches your bar:

Troy ounce bars: troy ounces × spot price
Gram bars: grams ÷ 31.1035 × spot price
1 lb bars: 14.58 × spot price
1,000 oz bars: recorded weight × purity × spot price

For example, a 100 oz bar contains silver worth 100 times the spot price, and a 1 lb bar contains silver worth 14.58 times the spot price.

Melt value is not the same as the purchase price, because dealers add a premium over spot to cover the cost of manufacturing, shipping, and handling each bar, and larger bars usually carry a lower premium per ounce than smaller ones. Our guide to the https://www.moneymetals.com/guides/best-silver-bars-to-buy";>best silver bars to buy compares premiums by size. This article provides general information and is not investment advice.

Choosing a Silver Bar Weight

Weight affects more than price, because it also determines how easily you can store, transport, and eventually sell a bar. A 100 oz bar weighs almost 7 pounds, which makes it convenient to store, but you cannot sell part of it.

A 1,000 oz bar weighs about 68.6 pounds and typically remains in a vault. Smaller bars may cost a little more per ounce, but they allow you to sell only a few pieces when you need cash.

Remember one additional fact when you plan for storage or shipping: one thousand troy ounces of silver weighs 68.57 pounds in any form. That is true whether it is a single large bar or a thousand 1 oz bars, not including packaging. The total weight of a stack depends on its ounces, not the number of pieces.

Ready to compare sizes? Browse https://www.moneymetals.com/buy/silver/bars/1-oz-silver-bars";>1 oz, https://www.moneymetals.com/buy/silver/bars/5-oz-silver-bars";>5 oz, https://www.moneymetals.com/buy/silver/bars/10-oz-silver-bars";>10 oz, https://www.moneymetals.com/buy/silver/bars/kilo-silver-bars";>kilo, and https://www.moneymetals.com/buy/silver/bars/100-oz-silver-bars";>100 oz silver bars, or view every size on our https://www.moneymetals.com/buy/silver/bars";>silver bars page.

Frequently Asked Questions

No. A kilo bar contains 32.15 troy ounces, while a 100 oz bar contains 100 troy ounces, so the 100 oz bar weighs about three times as much (6.86 pounds compared with 2.20 pounds).

A 10 oz silver bar weighs 311.03 grams. On a kitchen scale set to standard ounces, it should display about 10.97 ounces.

A 100 oz silver bar weighs 6.86 pounds, which appears as about 6 pounds 13.7 ounces on a kitchen scale.

A 1 lb silver bar contains 14.58 troy ounces, or 453.59 grams of silver.

LBMA specifications allow a top length of 250 to 350 mm, a top width of 110 to 150 mm, and a height of 60 to 100 mm. At the midpoint of that range, a bar measures approximately 11.8 by 5.1 by 3.1 inches, and at exactly 1,000 troy ounces it weighs 68.57 pounds.

Yes. Gold is about 1.84 times as dense as silver, so a gold bar with the same dimensions as a silver bar weighs about 1.84 times as much.

Inflation Heats Up. Silver Sinks. What Is the Market Telling Us?

Mon, 19 Oct 2026 00:00:00 EST

Price inflation is accelerating again, yet gold and silver have been struggling. Gold slipped about 0.7% last week to $4,166 an ounce. Silver took a much harder hit, falling https://www.moneymetals.com/silver-price";>roughly 6.5% to $57.

For investors who own precious metals to protect against declining purchasing power, that can seem backward.

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The explanation starts with what traders expect the Federal Reserve to do next. Hotter inflation raises the prospect of higher interest rates, which can pull money away from non-interest-paying assets such as bullion.

But last week came with a complication: Treasury yields and the dollar actually declined. Even that relief was not enough to keep metals from finishing lower.

Silver showed some early improvement Monday morning, reaching $58.

Buyers are testing the waters after last week’s decline. A morning bounce alone does not establish that the selling has run its course.

Fed Chairman Kevin Warsh offered little reassurance about the path of interest rates in remarks Friday. He emphasized price stability but declined to signal what the Fed would do at its October or December meetings.

Traders increasingly expect another rate increase by December. That leaves investors facing the possibility of tighter credit even as parts of the economy show strain.

Silver is especially vulnerable to that combination. It is a monetary metal, but it is also an industrial material. When investors worry that expensive energy and tighter credit will squeeze manufacturers and consumers, silver can suffer from both directions.

Energy remains a major complication. Brent crude rose nearly 5% last week to about $110 a barrel as attacks on commercial shipping and tensions around Iran and Yemen renewed supply concerns.

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Meanwhile, attacks on refineries combined with logistical complications have driven diesel over $200 per barrel.

Higher energy prices across the global economy can create an awkward environment for precious metals.

Geopolitical danger encourages defensive buying, while rising fuel costs can reinforce expectations of Fed tightening.

For silver, the additional threat to industrial activity makes the trade-off even more difficult.

But we are seeing an increase in physical buying of gold and silver – thanks to the lower prices, too. Especially with the lowest retail premiums on coins, bars, and rounds in over a year.

Trump Administration Runs Third-Largest Federal Budget Deficit in History

Mon, 19 Oct 2026 00:00:00 EST

You can add spending cuts, DOGE, and fixing the budget with tariffs to the mountain of broken promises dominating the Washington, D.C. skyline.

The Trump administration just ran the biggest budget deficit in five years.

The final fiscal 2026 budget shortfall came in at $1.99 trillion. That was 12 percent higher than last year’s $1.78 trillion budget deficit.

It was the third-highest budget deficit in history. The only higher shortfalls came in 2020 and 2021 when the government shut down the economy for a virus and showered the citizenry with stimulus.

Keep in mind that the federal government ran $1 trillion deficits for the first time during the Obama administration, during the Great Recession. Today, we’re seeing $2 trillion deficits, even with the economy supposedly expanding.

It’s a Spending Problem

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Democrats like to blame deficits on tax cuts, and the CBO estimates corporate taxes were 16 percent lower thanks to cuts in the "Big Beautiful Bill that "offset the increases in those receipts that otherwise would have been expected, given the rise in corporate income." (One might argue that the rise in corporate income was a function of those tax cuts.)

However, with this decline in potential revenues, Uncle Sam still had a pretty good year in 2026. The government collected $5.4 trillion in revenue. That was a 3.22 percent increase over the previous year.

In fact, the federal government has enjoyed strong revenue growth for three straight years. Receipts in 2025 were 6 percent higher than 2024, an 11-percent increase over 2023.

Tariff revenue helped boost overall receipts. The federal government collected $317.8 billion in import duties. However, it had to refund $144.6 billion after the Supreme Court ruled Trump’s unilateral tariffs unconstitutional.

The problem is on the spending side of the ledger.

The Trump administration blew through nearly $7.4 trillion in fiscal 2026. To put that into context, that's roughly $20.3 billion per day.

https://www.moneymetals.com/uploads/content/fiscal-26-revenue-and-spending.png"; width="700" height="400" class="mx-auto p-3" alt="" />

Spending was up 5.5 percent over the prior year.

A 5.5 percent increase in spending might not sound significant. But weren't we told there would be spending cuts?

In fact, the Big Beautiful Bill featured some spending cuts (along with spending increases).

Overall federal spending surged despite cuts to the EPA, the Department of Education, and USAID, along with staffing reductions throughout the federal government. Lower disaster spending also helped moderate spending levels through the first two months of fiscal ’26.

And now there's a war.

This is par for the course.

You might recall that President Biden promised the [pretend] spending cuts would save “hundreds of billions” with the debt ceiling deal (aka the [misnamed] Fiscal Responsibility Act).

That never happened.

Despite some non-specific talk about “spending cuts,” there seems to be little to no commitment to tackle runaway spending. In fact, the powers-that-be constantly find new reasons to spend money, whether it is a crisis at home or a war overseas.

The Cost of the Debt

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As the government borrows more to cover the budget shortfall, the cost of servicing the debt climbs in this higher-interest rate environment.

Interest expense has grown into the second-largest spending category in the federal budget behind only Social Security.

The Treasury forked out $1.36 trillion in interest payments alone in fiscal 2026. That was an 11.5 percent increase over last year.

Net interest (interest expense – interest receipts) was $1.1trillion.

In fiscal 2026, the federal government spent more on interest on the debt than it did on national defense ($965 billion) or Medicare ($1.1 trillion). The only higher spending category is Social Security ($1.7 trillion).

Much of the debt currently on the books was financed at very low rates before the Federal Reserve started its hiking cycle. Every month, some of that super-low-yielding paper matures and must be replaced with bonds yielding much higher rates. Meanwhile, Treasury yields are spiking as more countries spurn the dollar.

When people say the spending is unsustainable, it feels like an understatement. In fact, it’s fair to call https://www.moneymetals.com/news/2026/03/26/the-us-government-is-insolvent-yes-that-matters-004791";>the federal government insolvent.

However, very few people in the political class seem the least bit interested in tackling the problem. The bad news is that at some point, the problem will tackle them.

Who Cares About Deficits?

Stories about budget deficits and the ever-growing national debt tend to elicit gasps of shock followed by shrugs. Nobody really seems to care.

In fact, a lot of people act like massive budget deficits don’t matter. However, as the Bipartisan Policy Center pointed out after last year’s big budget shortfall, the growing national debt and the mounting fiscal irresponsibility undermine the dollar.

“Confidence in U.S. creditworthiness may be undermined by a rapidly deteriorating fiscal situation, an increasing concern with federal debt set to grow substantially in the coming years.”

This could lead to slower economic growth, higher unemployment, and less investment wealth.

A lack of confidence in the U.S. fiscal situation could also reduce demand for U.S. debt. This would force Treasury yields even higher to attract investors.

We’re seeing that today with https://www.moneymetals.com/news/2026/10/04/debasement-trade-supporting-gold-even-as-yields-spike-005265";>yields at levels not seen since 2001.

It’s easy to frame this as a “Trump problem” because he’s the guy in office right now. However, fiscal malfeasance is a bipartisan sport. https://www.moneymetals.com/news/2024/11/11/presidents-and-debt-the-worst-of-the-worst-003602";>Every president since Calvin Coolidge has left the U.S. with a bigger national debt than when he took office.

The bottom line is the U.S. government has a spending problem it won’t address. No matter what the politicians in D.C. claim, there is no way to fix the budget problem by shoveling more money into the hole with tariffs, much less replacing the IRS.

The rest of the world is paying attention.

India Gold Market Flips to Premium as Demand Improves and Supplies Tighten

Mon, 19 Oct 2026 00:00:00 EST

Gold traded at a premium in India last week for the first time in three months. This reflects the combined effect of tightening supply and improving demand.

Dealers reported premiums as high as $7 an ounce over domestic spot prices. That compares with discounts in the $5-to-$6 range the previous week.

Indian gold demand has improved as prices fell even as the festive buying season kicked off.

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During the first week of October, Indian gold prices fell to ₹145,538 per 10 grams, the lowest level in nearly two months. According to the Times of India, “The correction brought more buyers into the market compared with the previous week and also resulted in sellers offering smaller discounts.”

The falling price coincided with the beginning of the festive season in September. This is considered an auspicious time to buy gold. The festival season starts in September, building into Navratri (Oct. 11), and peaking around Dhanteras (Nov. 6) and Diwali (Nov. 8). Buying typically continues into the winter wedding season.

On the supply side, Indian gold imports plunged by 45 percent in August and slumped again in September, falling from $2.3 billion to $1.8 billion according to preliminary data.

Imports typically pick up in late summer as dealers stock up on metal for the fall buying season. However, the government has aggressively tried to curb imports.

The Indian government https://www.moneymetals.com/news/2026/05/13/india-hikes-gold-and-silver-import-duties-to-support-rupee-004917";>announced the 9 percent duty increase in May. The change pushed the import tax on gold and silver from 6 to 15 percent. The move came as India struggled with a surging trade deficit that is pressuring its currency.

Oil accounts for around 22 percent of the nation's imports. The sudden spike in oil prices due to the U.S.-Iran war has hit India particularly hard. The country imports nearly 85 percent of its fuel, and about 50 percent of its crude imports flow through the Strait of Hormuz.

With both gold and oil prices spiking, India’s import bill has exploded. The country’s merchandise trade deficit topped $330 billion in the financial year ending March 2026. That was up from over $280 billion a year ago, a 17.9 percent increase.

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The trade situation has put significant downward pressure on the rupee.

Gold and silver make up about 11 percent of India’s imports. The government raised import duties, hoping to limit metal flowing into the country. This will theoretically close that massive trade deficit and support the rupee.

So far, the move has proved effective, but it’s starting to create shortages of metal within the country.

More recently, several large Indian mutual funds issued public notices suspending bulk subscriptions to gold ETFs. https://www.reuters.com/world/india/indian-mutual-funds-stop-bulk-subscriptions-gold-etfs-ahead-festive-season-2026-10-15/"; target="_blank" rel="noopener">According to Reuters, “The decision was taken following a nudge from the Securities and Exchange Board of India.”

While government intervention can limit imports, it’s unlikely to curb Indian’s appetite for gold.

When the government announced the import duty increase, Metals Focus pointed out that Indian gold and silver demand has historically remained resilient in a higher-tax environment. This reflects Indians' deep cultural connection to precious metals and their value as a store of wealth. As the rupee continues to depreciate, gold will become increasingly attractive.

According to Metals Focus analysts, “Consumers often delay purchases initially following sharp price increases but typically adjust to higher price levels over time. In addition, elevated duties could encourage a recovery in unofficial flows, which had collapsed following the 2024 duty reduction.”

That’s reflected in resilient festival season demand despite higher prices.

Gold & Silver: Ugly Week, Bigger Opportunity?

Fri, 16 Oct 2026 00:00:00 EST

Welcome to this week’s market wrap podcast, I’m Mike Gleason

Coming up don’t we’ll have another wonderful interview, this time with Phillip Newman, founding partner and managing director of https://www.metalsfocus.com/"; target="_blank" rel="noopener">Metals Focus. Phillip discusses gold’s resiliency and its stickiness above the $4,000 level and how central bank buying of the yellow metal also remains very consistent and robust.

As for silver, Mike Maharrey’s guest talks about areas of industrial weakness as well as lagging investment and jewelry demand in key parts of the world, but also shares his 2027 forecast for silver and what he expects there.

So, be sure to stick around for that and a whole lot more during our exclusive Money Metals interview with Phillip Newman of Metals Focus, coming up after this week’s market update. And as a reminder please download, like, rate and subscribe to this podcast wherever you consume this content. Please do that right now!

Gold and silver investors have endured another rough stretch, with silver taking a particularly nasty beating. But after several days of selling, both metals are attempting to recover, even as the latest inflation reports give the Federal Reserve more reasons to keep raising interest rates.

And while the short-term picture remains unsettled, one prominent market analyst believes the longer-term outlook for precious metals could hardly be more bullish.

We'll get to that in a moment. Plus, we have some major news of our own here at Money Metals, where we've just secured $265 million in capital to dramatically expand our gold- and silver-backed lending business.

But first, let's look at the markets.

Gold fell sharply earlier this week, dropping toward $4,080 an ounce on Wednesday before staging a rebound Thursday. The yellow metal gained more than 1% in the following session and has been trading around the $4,200 level today.

Silver's losses were considerably more severe. The white metal plunged more than 6% Wednesday, falling to around $55.50 an ounce, before recovering somewhat on Thursday.

For investors who watched silver trade above $100 earlier this year, seeing it struggle to hold the upper $50s is a bitter pill to swallow.

But that's silver. When it moves, it rarely does so gently. And the same volatility that makes silver's advances so spectacular can make its corrections downright painful.

The immediate culprit behind this week's selloff was another round of troubling inflation news.

Wednesday's Consumer Price Index showed annual inflation accelerating to 3.7% in September, driven in large part by higher gasoline prices.

Then Thursday brought another unpleasant surprise. The government's Producer Price Index, which measures inflation at the wholesale level, jumped 1.3% in September alone. That was the biggest monthly increase in more than four years.

And while energy was a major contributor, the report also showed rising prices across other goods and services. In other words, inflation isn't simply going away. It's becoming more deeply embedded in the economy.

That puts the Federal Reserve in a difficult position.

With inflation heating up again, policymakers are facing pressure to tighten monetary policy even further. Traders are pricing in additional rate hikes before the end of the year, although expectations have been shifting as investors digest the latest economic reports.

Higher interest rates can strengthen the dollar and make interest-paying assets more attractive relative to gold and silver.

But there's a rather obvious contradiction here.

Gold and silver are supposed to protect purchasing power against inflation. Yet when inflation comes in hotter than expected, traders sometimes rush to sell them because they're more worried about what the Fed might do in response to inflation than about inflation itself.

And the Fed's supposed solution comes with serious consequences of its own.

Higher interest rates raise borrowing costs throughout the economy. They also increase the cost of financing the federal government's enormous debt, which is now approaching $40 trillion.

So, the Fed is trying to contain inflation by raising rates, while Washington continues borrowing staggering sums of money.

That's hardly a recipe for long-term monetary stability.

Now, none of this means gold and silver can't fall further. But here's where things get interesting.

Longtime precious metals analyst Clive Maund recently published https://www.moneymetals.com/news/2026/10/12/the-big-picture-for-gold-silver-could-not-be-more-positive-005285";>a fascinating assessment of the gold and silver markets, arguing that investors are making a mistake by focusing too much on the latest correction.

Maund believes gold and silver are still in the early stages of an enormous long-term bull market.

His analysis looks back more than four decades, beginning with the great precious metals bull market of the 1970s and the long period of consolidation that followed.

Maund argues that gold spent much of the period from the early 1980s through early 2024 building a gigantic base, finally breaking out in 2024.

The significance is that markets often spend years, or even decades, moving sideways before beginning a major new advance. And the longer the period of consolidation, the more powerful the eventual breakout can sometimes become.

He sees a similar setup in silver, which hasn't advanced nearly as far above its historical base. Maund believes silver could be approaching another important turning point, with the potential for a major new advance.

He also points out that gold typically leads during the earlier stages of precious metals bull markets, while silver tends to deliver its most spectacular gains later.

Of course, technical forecasts aren't guarantees. But his broader argument is worth considering.

The monetary problems that helped launch this bull market haven't been solved. Governments continue running massive deficits, central banks continue accumulating gold, and the purchasing power of fiat currencies continues eroding.

Against that backdrop, a few weeks of ugly price action don't necessarily tell us much about where gold and silver are headed over the next several years.

And speaking of the growing importance of physical precious metals, we have some more exciting news here at Money Metals.

This week, we announced that Money Metals has secured $265 million in equity and debt capital to significantly expand our precious-metals-backed loan service.

The financing positions Money Metals Capital Group as the largest retail provider of bullion-backed commercial credit lines in the United States.

That's a major milestone for a business unit we launched just seven years ago.

Our Metals Equity Line of Credit, or MELOC, allows qualified gold and silver owners to borrow against their holdings rather than selling them.

And that's an important distinction.

Millions of Americans own physical precious metals as a long-term store of wealth. But traditional banks generally aren't equipped to lend against gold and silver coins and bars.

So, when someone needs access to cash for a business investment, real estate transaction, or other commercial purpose, they may face an unpleasant choice.

Sell some of their precious metals, potentially triggering capital gains taxes and giving up future appreciation – or look for financing elsewhere, often at unattractive rates.

Our lending program offers another option.

Borrowers can pledge their physical gold, silver, platinum, or palladium as collateral and obtain a revolving line of credit, while retaining ownership of their metals.

The program offers competitive interest rates, interest-only monthly payments, and no prepayment penalties. The collateral is securely held at Money Metals Depository here in Idaho.

Gold and silver are among the most liquid hard assets in the world, and people who own substantial bullion should have financing options comparable to those available to owners of stocks, bonds, or real estate.

For anyone interested in learning more, visit https://www.moneymetals.com/gold-loan";>MoneyMetals.com/gold-loan or call us at 1-800-800-1865.

And this development also illustrates a broader point about the growing role of gold and silver in the financial system.

For decades, physical bullion has been treated by much of the banking establishment as something of an afterthought.

But gold and silver aren't merely speculative commodities. They're valuable, highly liquid assets that can serve as collateral, preserve wealth, and provide financial flexibility.

And as the monetary system becomes increasingly strained by debt and inflation, those qualities may become more important than ever.

So yes, gold and silver have taken a beating lately. And yes, the Federal Reserve may have more rate hikes coming.

But don't get so caught up in the Fed's latest move that you lose sight of why people own precious metals in the first place.

A quarter-point rate hike doesn't erase $40 trillion in federal debt. It doesn't eliminate persistent inflation. And it certainly doesn't restore the purchasing power Americans have already lost.

The financial press will continue obsessing over every word coming out of the Federal Reserve.

Gold and silver investors would be wise to keep an eye on the bigger picture.

Because while Wall Street focuses on the next interest-rate decision, the fundamental case for owning real money remains as compelling as ever.

Lastly here, before we get to the interview let’s take a look at the specific up-to-the-minute weekly market action and check in on where we stand currently with a couple hours left in the trading week.

Gold is down 0.9% to come in at $4,169 an ounce. Silver is down nearly $4 an ounce now or 6.2% to trade at $57.65. Platinum is off 4.1% to check in at $1,633. And finally, palladium is also down 3.4% and comes in at $1,135 an ounce as of this Friday afternoon recording.

Well now, without further delay let’s get right to our exclusive interview with a metals market insider.

Mike Maharrey: Greetings. I'm Mike Maharrey, and I'm very happy to be joined today by Philip Newman. He is a director at Metals Focus. I'm going to let him tell you a little bit about what they do over there. But first, welcome to the podcast, and thanks for joining me, Philip.

Philip Newman: Well, thanks for having me on again. It's good to be here.

Mike Maharrey: Absolutely. Well, it's always a pleasure to talk to you. And I do like to just let you let folks know what Metals Focus does. I think most people are probably familiar, but if they're not, I want to give folks a little bit of context as to the work that you guys do.

Philip Newman: Sure. Well, I guess in a nutshell, we are a precious metals consultancy. We don't trade the markets, exclusively looking at precious metals. We've got a team of over 30 in 11 countries, and really the whole point of having people in so many markets, be it India, China, Singapore, and other jurisdictions, is that we spend our time on the road. Most of the industry outside of the large scale miners is privately owned. So you've really got to gain their trust, be a refiner, a jewelry fabricator, hedge fund, whoever it may be, and try to really understand what's going on in the market. And we bring that back and put that together to build our supply demand estimates for, again, the major and the minor precious metals. And that's really what we do.

Mike Maharrey: Yeah, absolutely. And you guys do a fantastic job having been doing this for a little bit of time myself. I find that your analysis tends to be very level-headed. It doesn't tend to get caught up in the hype either way. And it also tends to be accurate. You can look back and see you guys have a really good hand on the pulse of the gold, silver, platinum, palladium, and all of those markets. So thank you for that work. It makes my job much easier. So it's great to have that resource available to us. So let's talk a little bit about the markets right now. You guys just released a annual precious metals investment focus report, and despite the headwinds that we're seeing in the markets right now, it's a pretty bullish report. And I guess first, it's just been such a weird year. We have January and then basically the rest of the year.

And a lot of headwinds, obviously we have a much higher interest rate environment and we're having these inflationary pressures. We're anticipating possibly even more interest rate increases. And yet gold has held $4,000 an ounce through this whole period. Does that surprise you? Does that surprise you given the visibility and the strength of the headwinds?

Philip Newman: I think what is a little bit surprising, but also equally encouraging is to your point with all those headwinds, not just that we're holding around the $4,000 level, which seems very well defended, but the fact you're doing that with institutional investors in gold and silver, but from a gold for now being either out of the market or in the market in a very short term and a very limited way, something we haven't seen for a while. So I think that's been really quite interesting. And just to follow that through, the reasons why they're, I guess, not so prevalent in the market, and it's been away for a while now, is that when you had that run up in January that you touched on in introduction with the correction that you saw at the end of January, that really caused a lot of difficulties for a lot of these investors in terms of their risk modeling.

And so you saw a lot of them either just exit the market, the gold market, rotate into energy or base metals, especially energy after the war started with Iran, much an easier sell from that point of view, the ability to make returns. And I think what you saw, especially from the investors that we speak to, is that a lot of them went very short term, very options related in and out of the market. And again, so you've had that as a dynamic in the market for a large part of this year, yet gold's held up. So as I said, both surprising, but also I think very encouraging.

Mike Maharrey: Yeah. And it seems like the narrative is, and your report hit on this, is that one of the things that's really supporting the market right now despite the headwinds is what has been dubbed the debasement trade. And we're seeing this specifically with central bank gold buying, but also as you mentioned, institutional gold buying. And it's just this kind of pivot away from the dollar and dollar denominated assets. Now, when I talk about this, I still get a lot of folks, especially here in the United States that kind of look at me sideways and they're like, "No, no, that's not a thing. America's great. Nobody wants to get rid of dollars." How realistic is this debasement trade? Is it just hyper? Is this a real thing that has kind of taken the markets over the last couple of years or so?

Philip Newman: I think from a central bank point of view, we've seen them really come... Look, they've been buyers in the market for many, many years, but with the invasion of Ukraine by Russia and you had the freezing of assets, that I think spooked some countries. So yes, there was an element of repatriating your gold home, but the far bigger trade was actually to go out and to buy gold. So I think that was part of it. And then I think there have been some concerns about the long-term viability or concerns about the dollar more generally with, for example, we look at the tariffs policy with Liberation Day, for example, that's really sort of shaking the markets, that belief in the dollar. Look, let's be real here. The dollar isn't going to lose its safe haven status. That's just not going to happen. But around the margin, around the edges, you are seeing countries less keen on US treasuries, and from a central bank point of view, being very keen on gold.

And if you look at foreign reserves held by central banks, you can see just how well gold has done. Of course, from a value point of view, of course it will. The gold price has done so well, but it's not just that. It's the fact that they have been moving out of the dollar and maybe also less keen on the euro as well, let's be honest, but mainly out of the dollar, given how prevalent that is in those foreign exchange reserves, and gold has been the beneficiary of that. So I think it has been very real. It's still ongoing. I think we're looking at a pretty decent total for net central bank buying of gold this year. And even if we go forward, even if those numbers back off a little bit, I think they still remain quite healthy going forward as well.

Mike Maharrey: Yeah. I agree with you too, the point that you made regarding the status of the dollar. You do get some people out there that kind of want to, I don't know, I almost said cry wolf. I don't know if it's that extreme, but they make a big deal. The dollar's going to collapse. It's going to lose its reserve currency status. I don't think that's in the cards either, but I do think that this erosion of the dollar strength around the margins and this kind of multipolarization that we're seeing in the financial system is going to be important for the US. Even a modest decline in dollar importance I think could be significant down the road. So I think that's a really good point to, you got to walk that line. It's a thing, but it's not maybe as big a thing as some people want to make it.

Yeah.

Philip Newman: And I think although thankfully it's not a thing now, but if you go back to December and January when there was a lot of questions about the independence of the Fed, and that was really hitting the dollar. Now, was that leading to more central banks buying? I don't really think so. But was it encouraging investors to look elsewhere? Yes, it was. And that's also, when we think about the correction in late Jan, that was when you had Kevin Walsh being maybe not confirmed, but put forward and so on and so forth. And that I think really reassured the markets. And of course, with his rate increase, whatever the merits of that, certainly for him to put a stake in the ground or a flag in the ground about the Fed's independence, I think that really helped to reassure the markets. So again, thankfully that's not a thing anymore, but that was certainly a concern from a dollar standpoint, the back end of last year and the beginning of this.

Mike Maharrey: Yeah. I'm curious as to what you think about the trajectory of the Fed, because we just got a very hot CPI report here in the United States. A lot of that is energy driven, so you kind of have to take that into account, but a lot of people are anticipating another Fed rate hike. I've even seen some folks talking about, "Hey, maybe they'll go 50 basis points this time." But in the back of my head, every time I hear them talking about rate increases, I look at the amount of debt that is burying the world right now, not just in the United States. And raising interest rates isn't just a given. It's not like, "Oh, we can do this." I think that the Fed is constrained on that side as well, and that doesn't get talked about as much. Do you see that as well, that maybe the Fed's not in a position to be as aggressive about it with inflation as it would like to be just simply because of the global levels of debt?

Philip Newman: I don't at the moment, although I think we are expecting one more increase this year, most likely I think the December meeting, not before the midterms. I think that would be quite a surprise to put it mildly. But I think in terms of their remit and their mandate, I think are behind the scenes, are they looking at interest rate payments and servicing that debt? I'm sure they are, but I think especially what Walsh has said about inflation and so on, I think that's where it is at the moment. And I think he's probably hoping that with one more increase that may help to contain expectations, which is afterwards what's so important. And of course, we're watching a dot plot very closely. I know he doesn't participate himself in that, but everyone else does. So, I think that will be key looking forward. And of course, where we are with the war with Iran, is that going to end soon?

Unfortunately, probably not. So on that level, you would though rate increases would continue next year, but I think he will, I think, try to hope again that this one coming is where we are. And I think again to next year, maybe your point, Mike, about servicing that debt, maybe that will take on a slightly greater weighting given that that's not going to be reined in anytime soon.

Mike Maharrey: Yeah. There's absolutely no impetus here in the United States to deal with the borrowing and spending in debt, especially as we're entering into midterm elections. Maybe they'll talk about it a little bit after the election, but you had the political incentives, which are to not make people hurt. And obviously cutting programs and slashing borrowing, that's painful. And so the incentives are definitely not working in our favor in that sense. So we've kind of talked about gold a little bit, and the forecast that the Metals Focus Report gave for 2027 was a return to record high. So there definitely is a bullish sentiment there. And same thing with silver with basically the same kind of dynamics, but I wanted to talk a little bit more particularly about silver demand. We've got these much higher prices, especially if you compare, even with the correction compared to last year, we were talking about 20 or $30 silver, and now we're talking about 50, $60 silver.

How much is that impacting industrial demand? And I'm really curious, some people say that there's a lot of substitution going on, particularly in the solar. Other people I've heard have said, no, not so much. What are you seeing on the ground in terms of that industrial demand for silver?

Philip Newman: Well, I think solar is such a canary in the coal mine in terms of the thrifting and those dynamics. So looking at the thrifting has been ongoing for 10, 15 years. Even when, I don't know, 2018 or around there, prices were quite depressed, there was thrifting, not a great deal, but it never reversed. So that is just an ever present part of the market. If you look at the amount of silver used in a solar panel now compared to 10 years ago, it's about 90% less, maybe more. I mean, that's such a reduction. In the current market, it's really interesting to see how that is reacting to the silver price. So when we had silver all briefly, but silver at 120 in January, then a lot of manufacturers were thinking more seriously about replacing silver outright with copper.

Its efficiency is not so good. So you've got that trade-off, and they were very mindful of that, but they were prepared to accept that trade-off given where silver was. That's how extreme a situation the market was facing. Now, and again, I'm really fortunate, I've got guys in Taiwan and Shanghai that cover this for me in some detail. And now what we see is that they're still looking at copper, but it's now much more guarded, more conservative. They're now looking at the longevity, how long these sales will last, et cetera. So it's much more of a cautious stance, more conservative. So the long and shortage is still coming, just not as quickly. And maybe we'll see more, and again, I'm an economist, not an engineer by training, but maybe we'll see more silver-coated copper. We already see that in some technologies, but other ones are pure silver.

And so maybe we'll see that as a stepping stone. But the thrifting, unfortunately, you're seeing double digit percentage declines as we speak for 2026 in the amounts of silver that's going into a panel, the average amount versus last year. So that I think is just part and parcel of the market really.

Mike Maharrey: Yeah, very interesting. And copper's not exactly cheap right now either, so there's that to factor in for folks as well. So I guess that kind of leads to the next question, and that is, is there still the forecast for a market deficit for silver in 2026? I know that at the beginning of the year, that was kind of what people were anticipating. Is that still looking like we're going to have a market deficit again?

Philip Newman: In short, yes, but a fairly small one. So, I think that could be down quite a lot on 25 and 25 was already coming down, as you may recall. I think within industrial, despite the weakness in the solar market, we've seen other areas doing fairly well. The likes of the automotive are still relatively strong. So I think that is the strength of industrial demand. There are so many end uses that you tend to find that when one backs off, another one can maybe pick up the reins. Now, they're not going to make up for all of that shortfall on photovoltaic, certainly not, but they can certainly absorb a fair chunk of it. And that's why when you look at our estimates for industrial demand, yes, they're down, but they're not down dramatically. So, I think that's a really important point. I mean, we are certainly seeing thrifting in other areas and we've seen how that manifests itself, but I think overall it's still a robust story for industrial demand.

But away from that, you're seeing weakness in the coin and bar market for silver, be it in the US, which used to be the largest market. India is struggling. Germany's been struggling as well. These are some of the big heavyweights in terms of retail silver investment. The US, which is one that is very close to my heart, you've seen a lot of liquidations of silver by retail investors. It's been going on for a few years now. Now, a lot of that product can be bought by dealers and sold back to others, other investors, but it's certainly having quite an impact on the market for new silver coins and bars. So, I think we are looking at a fairly weak picture for global retail investment this year. I think the other one to be very mindful of, especially from a price standpoint or struggling with the price is jewelry demand.

The biggest jewelry market by far in the world is India, and India is a very price sensitive market for jewelry. And so when you've got high prices or when you've got volatility, neither is very good for the market. And yes, prices are almost half where they were... Well, actually no. As we're recording this, they're probably less than half because today on October 14, silver I think is about $57. So we're just under half of that January peak, but it's the combination of prices in absolute terms are still high and the volatility that we've seen. So, that can discourage jewelry buying in the likes of India. So you've got all of these markets where there's a few headwinds playing out, and I think that helps to give you that fairly modest deficit for this year. But I think, Mike, I think what's really important though is we can be positive on the price with only a small deficit.

And in fact, to take that further for next year, we think the market could see a small surplus. Now, so small that you probably call it a balanced market, but we're really bullish on silver for next year, and that may surprise people listening or watching this. But what we see at Mellow's focus is there's not a very good relationship between what the surplus or deficit is doing in a particular year and how the price is behaving in that year.

And my case in point for next year, market imbalance, we think silver could be getting maybe over $90. If you go back a few years, I think it was 2022, so not that long ago, we had a record deficit. It was over 250 million ounces. That's about 20% of global demand, yet the price was in the 21s, 22s, not doing much at all. I think what we see really is when we think to late last year when you had those fireworks and silver went through 50 bucks and lease rates went to the moon, that was the culmination of all those deficits over a few years. We've had five years of deficits. And what that means is, to put it bluntly, demand in each year is greater than supply. That means you've got stocks being run down to make up for that supply shortfall. And so it's a bit of a slow burn over a few years, and that's why those fireworks kicked off in I think late last year.

And just because we've got the market in a small deficit this year, a surplus maybe next year, you've still got that legacy of all those years of heavy, heavy deficits playing out. So I hope that's clear to people watching this, but it's a really important point in trying to think about how the global market works for silver.

Mike Maharrey: Yeah, that's a really good point. And we've definitely seen this cumulative effect, and I don't think people realize that if you take those deficits and add them up, it's nearly the same as a full year of mine supply that we've been short over the last five years or so. So it is a significant amount when you start piling it up and adding it and you can't just do away with that with one small surplus. So a very good point. I think you explained it perfectly well. I'll get you out on this one last question. We tend to focus a lot on demand aspects, and we talk a lot about what people are doing with gold and silver, and of course also platinum and palladium. We also do research in those areas as well. But is there anything interesting that's going on right now in the supply side of either gold or silver that folks might want to be aware of?

Philip Newman: Well, I think one of the really interesting things, we had a few people at their recent Denver Gold Show, and I think what came out of that... So we already know that the margins that are in the industry... So one of the metrics we look at is what's called all-in sustaining cost. It's a really wide ranging cost metric. I mean, not just the cost of running your mine, but the cost of the head office. So it's a nice catchall, if you like, for mine costs. And for the primary silver miners, the second quarter of this year, their average oil and sustaining costs were about 17 bucks. Now, it doesn't take much to see what margin the industry is making as a whole. Now, again, it's really important. I'm talking about primary silver mining. So that's not including the base metal guys or even the gold miners with silver as a byproduct.

So this is their primary, but that's still an immensely important part of the market. So you can see about thankfully the amount of cash that they're able to generate. And for the gold guys, you've also got a very, very healthy margin between oil and sustaining and spot gold. But what came out of the conference was really interesting. Yes, I think there's an appetite for say M&A activity, but I think for a lot of the targets or potential targets because of where spot prices are Mike, then some of those valuations are fairly ripe. And I think while there's an appetite for M&A, I think these companies are being fairly cautious and not wanting to overpay. So I think we're seeing very healthy overall, I think very healthy capital discipline, that balance sheet discipline. And I think what we're seeing at the moment is perhaps more of a, for some companies, a focus on upgrading their own mine equipment, expansion of their existing mines, so brownfield expansion, for example, share buybacks or even dividends or increasing dividends.

I think Kerr mining is a really good example on two fronts. Firstly, it announced its inaugural dividend. So, I think that was not just a positive, but a sign of where they are given the health of their balance sheet prices. And clearly that's obviously not a knee-jerk reaction, of course not. But I think that's a sign of those broad dynamics. But you also look at their acquisition, their recent acquisition of, I think, new gold, the company. So, that gave them not just a diversification by location, but also assets in terms of access to gold and to copper. So I think those are some of the things that we've seen in the industry. I think some of that will continue, but I think the industry, again, be it silver miners or gold, I think there's that cautiousness, that cautious optimism, I would say, to M&A, but certainly not wanting to buy something for the sake of it, or I guess more accurately not wanting to pay over the odds.

So, I think overall you've got an industry that I think is healthy, and I think that strategy just speaks to that long-term health going forward as well.

Mike Maharrey: Very, very interesting. All right, so let folks know where they can find Metals Focus and what kind of information that they can avail themselves to when they get there.

Philip Newman: Sure. Well, most straightforward, it's metalsfocus.com with an S in the middle. So please, you can reach us through there. I mean, frankly, you'll find us at most major precious metals conferences around the world. I think the next one's coming up, the next one's a signpost. We do work for the Silver Institute. We produce the World Silver Survey. The Silver Institute has a gathering, a dinner on November 12th where myself and the colleague will launch or present our interim findings for this year. But please do come through the website to find us.

Mike Maharrey: Outstanding. I was going to say, you guys, folks might not actually see you, but your work is behind a lot of these organizations, the World Gold Council, the Silver Institute, the World Platinum Investment Council, all of those folks avail themselves to your research and work. So you guys are everywhere. And like I said, it makes my job a whole lot easier because you're parsing in that data. I think you made a really good point when you were talking about the way you guys do your research. The fact that you have boots on the ground at so many places, it gives you a really good... I guess you have your finger on the pulse of the industry, not just looking at raw data, but also the anecdotal stories and talking to folks who are doing the actual work. So appreciate everything that you do, all of that to say.

So thank you so much, and thank you so much for taking time out of your busy day to hang out with me for a few minutes. It's very appreciated, and I'm sure folks appreciate the information that they've gotten.

Philip Newman: Well, thanks, Mike, and look forward to next time.

Mike Maharrey: Absolutely. We'll definitely have you on again, and I hope you have a fantastic rest of your day.

Philip Newman: Likewise.

Always great analysis from our friends there at Metals Focus and I hope you enjoyed that interview.

Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And remember to tune in as well to the Money Metals Midweek Memo, hosted by Mike Maharrey.

To check out any of our audio programs just visit https://www.moneymetals.com/podcasts";>MoneyMetals.com/podcasts or find them on Spotify, Apple Podcasts, Google Podcasts, or wherever you listen to your favorite podcasts. And as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.

Until next time, this has been Mike Gleason with Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.

Inflation's Pain: Financial Stress at Levels Not Seen Since the Pandemic

Fri, 16 Oct 2026 00:00:00 EST

When https://www.moneymetals.com/news/2026/10/15/beyond-the-cpi-the-complete-inflation-story-september-2026-005295";>everything costs more, people struggle.

Struggling people feel stress.

And Americans are feeling that kind of stress at a level not seen since March 2020.

What was going on in March 2020?

Governments around the world shut down the economy.

LegalShield’s Consumer Stress Legal Index (CSLI) surged 6.3 percent year-over-year to 75.7.

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LegalShield calculates its index based on around 150,000 monthly calls from members to its provider attorneys. The stress index has risen year over year for 27 consecutive months. The only longer streak occurred in 2006–2009, a run that spanned the Great Recession.

A LegalShield spokesperson noted that the current CSLI dovetails with consumer sentiment polling showing Americans are increasingly worried about the economy. The Conference Board's Consumer Confidence Index fell to 81.9 in September, the lowest level since 2014.

"Confidence surveys tell you how people feel. Our data show what people are doing about it. When a growing share of our members' calls are about losing a home, filing for bankruptcy or dealing with consumer debt, the strain has moved past worry and into action."

Three subindices make up the CSLI.

The Foreclosure Index stood at 52.6, up 14.8 percent year-on-year. According to LegalShield's Q2 report, the expiration of FHA borrower protections in September 2025, coupled with rising escrow costs as insurance and property tax bills rise, drove the spike in foreclosure calls.

Meanwhile, the national mortgage delinquency rate was 4.37 percent in Q2 2026, according to the Mortgage Bankers Association. That was up 44 basis points from a year earlier. The seriously delinquent rate rose for a fourth straight quarter.

The Bankruptcy Index climbed 4.8 percent over the last year to 39.5. According to LegalShield, this index is a leading indicator of future bankruptcy filings.

LegalShield said bankruptcy calls averaged have risen year over year for 17 consecutive quarters, the longest run on record, including the 13-quarter climb before and during the Great Recession.

The Consumer Finance Index climbed to 112.5, a 3.9 percent annual increase. It tracks calls related to billing disputes, collections, repossessions, and creditor negotiations.

https://www.moneymetals.com/news/2026/08/10/consumer-borrowing-picked-up-in-june-but-worrisome-trend-persists-005126";>Credit card debt is at record levels as Americans try to cope with rapidly rising prices and dwindling savings.

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Meanwhile, the Fed keeps nudging rates higher, trying to tame sticky price inflation. This pushes credit card interest rates up, adding stress to an already overburdened consumer.

A LegalShield spokesperson said this index reached its all-time high during the pandemic, jumping almost overnight as the economy shut down. However, the current 27-month streak of increasing consumer stress wasn’t sparked by a single event. It’s been a slow build. A spokesperson called it “a long grind on American households.”

“This time there is no single shock. Consumer finance is above anything we recorded during the Great Recession, and it moved higher again this quarter.”

LegalShield provider attorney Ben Farrow agreed.

“This feels like a rising tide, not a single shock like the banking crisis in 2008 or COVID. It’s death by a thousand cuts, and it’s driven by everyday expenses.”

Swiss Researchers Use Gold to Pinpoint the Location of Cancer Cells

Fri, 16 Oct 2026 00:00:00 EST

I once heard some knucklehead on a mainstream financial news network claim that gold is “a useless rock.”

Well, Swiss researchers have discovered how to use that useless rock to precisely detect the location of cancer cells.

Scientists at the Swiss Nanoscience Institute (SNI) Network based at the University of Basel have developed a “surface-modification strategy” for gold nanoparticles. The resulting nanoparticles, or “nanotags,” generate a measurable optical signal that pinpoints cancer cells, opening the door for “more precise cancer detection and future surgical applications.”

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Gold creates a stable foundation for this tagging technology. The metal works well in this capacity because it resists chemical breakdown, provides a stable surface for attaching other molecules, and amplifies the light signals used to detect cancer cells.

Researchers coated the gold particles with polyethylene glycol (PEG) conjugates containing antibodies that recognize structures on cancer cell surfaces. Once the nanoparticles bind to cancer cells, they create an “optical fingerprint” that scientists can detect with a Raman microscope.

According to a press release, “The researchers targeted the epidermal growth factor receptor (EGFR), a protein that is expressed on the surface of certain ovarian cancer cells.”

Researchers called specific targeting and nanoparticle stability in a single nanotag “challenging.”

“Researchers from the FHNW School of Life Sciences, the Department of Biomedicine at the University Hospital Basel and the Department of Chemistry at the University of Basel have now developed a two-step coating process for 60 nm gold nanoparticles that addresses these challenges.”

I’ll spare you any more technical jargon. If you’re interested, https://nanoscience.unibas.ch/en/news/details/nanotags-fuer-praezisere-krebschirurgie-und-diagnostik-goldnanopartikel-mit-optimierter-beschichtung-zur-gezielten-erkennung-von-eierstockkrebszellen/"; target="_blank" rel="noopener">you can read more here. But suffice it to say, this is a significant development in the realm of cancer detection and treatment.

“This optimized coating strategy provides a promising basis for developing SERS nanotags for more precise cancer diagnostics. In the future, such nanotags could potentially be used during surgery to help identify tumor tissue and distinguish it from surrounding healthy tissue.”

Not bad for a useless metal with “no utility.”

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While gold is primarily a monetary metal, it has a wide variety of practical uses, from jewelry to electronics.

In fact, gold is one of the world's most useful metals. Due to its utility, coupled with its scarcity, gold is also one of the most valuable metals in the world.

In the first place, gold is strikingly beautiful. It has captured eyes for thousands of years. That’s why people worldwide love to wear gold. About 44 percent of gold demand is for jewelry production. Roughly 1,550 tons of gold were used in jewelry fabrication in 2025.

But gold isn’t just pretty. The metal’s inherent physical and chemical properties make it useful in many industrial and technological applications.

This is why the tech sector increasingly turns to gold.

In 2025, industrial and technical applications used 222.8 tonnes of gold.

In fact, gold would probably be used even more if it weren’t so rare and expensive.

Gold is also important in medicine. Its inherent stability and unique optical properties make it ideal for diagnostic testing. The World Gold Council said that gold is “at the heart of the hundreds of millions of Rapid Diagnostic Tests (RDTs) that are used globally every year."

“This well-established and critically important technology has changed the face of disease diagnosis in the developing world over the last decade.”

Gold nanoparticles are used in testing for malaria, HIV, hepatitis, and other illnesses.

Gold has even been used in some exotic applications. In 2018, a team of Chinese researchers partially restored the sight of blind mice by replacing their deteriorated photoreceptors – sensory structures inside the eye that respond to light – with nanowires made of gold and titanium.

The point is that gold is far from useless. Don't let anybody tell you that it is!

Silver Content of US Coins - How Much Silver Is in a Quarter, Dime, and Half Dollar - Grams, Troy Ounces, Coins per Ounce, and Silver per $1 Face - Money Metals

Thu, 15 Oct 2026 00:00:00 EST

A pre-1965 quarter is 90% silver. It weighs 6.25 grams and contains 5.625 grams of pure silver. This is equivalent to https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>0.1808 troy ounces.

That means you need roughly 5.5 silver quarters to reach one full troy ounce. Everyday quarters since 1965 hold no silver at all. They are composed of a copper-nickel alloy and weigh https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>5.67 grams.

This guide covers the silver content of US coins, ranging from dimes and quarters to dimes and war nickels. You will find each coin’s silver content measured in grams and troy ounces. You will also learn how many coins make an ounce and how much silver sits in a roll or bag.

How Much Silver Is in a Quarter?

Before 1965, US quarters were made from an alloy of 90% silver and 10% copper. Each coin weighs 6.25 grams. If you multiply 6.25 by 0.90, it comes out to 5.625 grams of pure silver.

Because one troy ounce equals https://www.nist.gov/system/files/documents/2017/05/09/Precious-Metals-Conversion-Information-march2015.pdf";>31.1035 grams, the silver in each quarter comes to 0.1808 troy ounces. https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>NGC’s melt value table gives the same figure for Barber, Standing Liberty, and Washington quarters.

Coin Weight vs. Silver Weight

Some guides claim a silver quarter contains 6.25 grams of silver. However, that is not accurate; that number represents the weight of the entire coin. The actual silver content is roughly 5.625 grams, and the remaining 0.625 grams is copper.

Another common question is whether a silver quarter holds a quarter ounce of silver. It does not. A quarter of a troy ounce is 7.78 grams, so the silver in a quarter reaches only about 72% of that mark. Even the whole coin, copper included, weighs about 0.2 troy ounces.

How Much Silver Is in a 1964 Quarter?

A 1964 quarter contains the same 0.1808 troy ounces of silver as every other 90% quarter. The date comes with a twist, however.

The https://fraser.stlouisfed.org/title/coinage-act-1965-1123/fulltext";>Coinage Act of 1965 said any 90% silver coins struck after the law passed must still carry the 1964 date. So the Mint struck some 1964-dated quarters in 1965.

The same law also barred the new clad coins from carrying a date earlier than 1965. Any quarter dated 1965 or later is clad.

The only exceptions are collector coins and a few https://www.moneymetals.com/coin/washington-quarter";>rare mint errors. If you believe you’ve found a silver 1965 or 1966 quarter, weigh it first. A silver quarter weighs 6.25 grams, while a clad quarter weighs 5.67 grams. Our guide to https://www.moneymetals.com/bullion/what-coins-are-silver";>what coins are silver explains the other identification tests.

The 40% Exception: 1976-S Bicentennial Quarters

For the nation’s 200th birthday, Congress ordered https://www.usmint.gov/learn/history/historical-documents/final-strikes-of-silver-bicentennial-coins";>45 million 40% silver coins. The order covered three coins: the quarter, the half dollar, and the dollar. The Mint sold them to collectors in three-coin sets, so they never went into circulation.

The silver Bicentennial quarter weighs 5.75 grams and contains https://collectorskey.com/coins/twenty-cents-quarters/washington-quarters/1976-s-bicentennial-silver";>0.074 troy ounces of silver. That works out to 2.3 grams of silver, less than half the amount in a 90% quarter. Clad Bicentennial quarters share the same design, so weight is the surest way to tell them apart.

Silver Content of US Coins: Full Table

The table below lists every common US coin that contains silver, along with the clad coins that replaced them. The weights we list below assume that the coins are new and uncirculated, not worn away from use. The numbers come primarily from the https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>US Mint, the https://fraser.stlouisfed.org/title/coinage-act-1965-1123/fulltext";>Coinage Act of 1965, and https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>NGC.

Coin	Silver	Coin Weight	Silver Weight	Silver (troy oz)	Coins per Troy Ounce	Silver per $1 Face
Dime (pre-1965)	90%	2.50 g	2.25 g	0.0723	13.8	0.7234 oz
Quarter (pre-1965)	90%	6.25 g	5.625 g	0.1808	5.5	0.7234 oz
Half dollar (pre-1965)	90%	12.50 g	11.25 g	0.3617	2.8	0.7234 oz
Kennedy half (1965-1970)	40%	11.50 g	4.60 g	0.1479	6.8	0.2958 oz
Bicentennial quarter (1976-S)	40%	5.75 g	2.30 g	0.0739	13.5	0.2958 oz
Bicentennial half (1976-S)	40%	11.50 g	4.60 g	0.1479	6.8	0.2958 oz
Eisenhower dollar (S-mint silver)	40%	24.6 g	9.83 g	0.3161	3.2	0.3161 oz
War nickel (1942-1945)	35%	5.00 g	1.75 g	0.0563	17.8	1.1253 oz
Clad dime, quarter, half (1965 on)	0%	2.268, 5.67, 11.34 g	0	0	None	0

Silver dollars follow a different standard. Morgan and Peace dollars contain https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>0.7734 troy ounces of silver. That adds up to more than four silver quarters combined. You can learn more about the silver content of every dollar type, including the https://www.moneymetals.com/40-silver-eisenhower-dollars-3161-oz-silver/268";>40% silver Eisenhower dollar, with https://www.moneymetals.com/coin/silver-dollar-value";>our silver dollar guide.

How Much Silver Is in a Dime?

A pre-1965 dime weighs 2.25 grams and is 90% silver, giving it 2.25 grams of pure silver, or https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>0.0723 troy ounces. It takes ten dimes to reach $1 in face value, and together they contain 0.7234 troy ounces of silver. Since 1965, dimes have been clad with nickel and copper, weighing https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>2.268 grams and contains no silver.

Dimes made for circulation from 1837 through 1964 are 90% silver. For a full breakdown by date and design, see our list of https://www.moneymetals.com/bullion/silver-dimes-years";>silver dime years. You can also https://www.moneymetals.com/buy/silver/junk-silver/90-silver-dimes";>buy 90% silver dimes in bags according to their face value.

How Many Silver Dimes Make an Ounce?

It takes 13.8 silver dimes to equal one troy ounce, so in practice you need 14 dimes, or $1.40 in face value, to reach a full ounce.

How Much Silver Is in a Half Dollar?

A pre-1965 half dollar weighs 12.5 grams, containing 11.25 grams of silver. That amount comes out to https://www.ngccoin.com/price-guide/coin-melt-values.aspx";>0.3617 troy ounces, which is twice the silver content in a pre-1965 quarter.

Since it takes 2.76 halves to make an ounce, three halves will put you over the mark. Barber, Walking Liberty, Franklin, and 1964 Kennedy half dollars all share this specification.

40% Silver Kennedy Halves (1965-1970)

In 1965, Congress cut the silver in the half dollar but did not remove it. Under the https://fraser.stlouisfed.org/title/coinage-act-1965-1123/fulltext";>Coinage Act of 1965, the half dollar got outer layers of 80% silver and 20% copper.

A core with less silver sat between them. The finished coin weighs 11.5 grams and contains 4.6 grams of silver, or 0.1479 troy ounces.

Kennedy halves dated 1965 through 1970 use this 40% silver composition. Half dollars struck for circulation after 1970 are fully clad and weigh https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>11.34 grams. To sort your half dollars by date, see https://www.moneymetals.com/bullion/what-half-dollars-are-silver";>what half dollars are silver, or shop our https://www.moneymetals.com/40-silver-half-dollars/149";>40% silver Kennedy halves.

Do Any Nickels Contain Silver?

Only one type of US nickel contains silver. Starting in 1942, the Mint changed the nickel’s composition to an alloy of https://www.pcgs.com/coinfacts/coin/1942-p-5c-silver/4016";>56% copper, 35% silver, and 9% manganese. The switch saved nickel metal for the war effort. Each wartime nickel weighs 5 grams and contains 1.75 grams of silver, or 0.0563 troy ounces.

No other US nickel contains silver. Their composition is instead an alloy of https://www.usmint.gov/learn/coins-and-medals/circulating-coins/coin-specifications";>75% copper and 25% nickel. That includes the 1964 nickel and the Buffalo nickel, two coins people often ask about.

The Mint has also never made a pure silver nickel. If you’re interested in war nickel dates and mint marks, check out our https://www.moneymetals.com/bullion/silver-nickel-years";>silver nickel years guide.

War Nickels Hold the Most Silver per Dollar

Many buyers overlook this detail. Twenty war nickels make $1 in face value, and together they contain https://www.moneymetals.com/35-silver-war-nickels/322";>1.125 troy ounces of silver. That’s 56% more silver per dollar of face value than you get from 90% dimes, quarters, or halves.

How Many Silver Coins Make an Ounce?

One of the most common questions about junk silver is how many silver quarters it takes to make a troy ounce. The technical answer is 5.53. However, since quarters are not divisible, you need six quarters to reach a full troy ounce. The table below runs the same math for each silver coin, based on new, uncirculated weights.

Coin	Coins per Troy Ounce	Whole Coins for 1 Ounce	Face Value per Troy Ounce
90% dimes	13.82	14	$1.38
90% quarters	5.53	6	$1.38
90% halves	2.76	3	$1.38
40% Kennedy halves	6.76	7	$3.38
40% Bicentennial quarters	13.52	14	$3.38
35% war nickels	17.77	18	$0.89

Where the "$1.40 per Ounce" Rule Comes From

Silver stackers often say that $1.40 in face value of 90% coins equals one ounce of silver. That rule of thumb builds in an allowance for wear. Dealers count each $1 in face value as https://www.moneymetals.com/pre-1965-90-silver-quarters/1394";>0.715 troy ounces, and $1 divided by 0.715 comes to about $1.40. Brand-new coins would need only $1.38.

Silver per $1 Face Value: 0.7234 vs. 0.715 Troy Ounces

Ninety percent dimes, quarters, and halves all hold the same silver per dollar of face value. From 1873 until 1964, they weighed 2.5, 6.25, and 12.5 grams. The weights rise in step with face value. As a result, $1 in any combination of them contains 0.7234 troy ounces of silver when new.

In the bullion trade, you’ll see 0.715 instead. Coins can lose a little of their metal content over decades of handling and transaction. The 0.715 figure sits about 1.2% below the Mint spec to allow for that wear. It is an industry convention to allow for worn coins, not necessarily a set standard from a mint or exchange.

That is also why some sources list a quarter at 0.17875 ounces. That number is just 0.715 divided by four. We will note which basis each figure uses as we go through this page.

Why a Silver Dollar Holds More Silver Than Four Quarters

A silver dollar holds 0.7734 troy ounces. Four silver quarters, on the other hand, hold only 0.7234.

The difference dates back to 1853. At the time, there was a flood of gold pouring out of California that made the silver in American coins worth more than their face value. That resulted in many people melting the coins down for their silver value. Congress responded to this trend by https://coinweek.com/1853-liberty-seated-quarter-arrows-and-rays-a-collectors-guide/";>reducing the weight of the smaller silver coins.

The silver dollar retained its full weight. However, the quarter never caught up with the silver dollar. The closest it got was in 1873, when the quarter’s weight rose to 6.25 grams. Our https://www.moneymetals.com/coin/silver-dollar-value";>silver dollar guide covers Morgan and Peace dollars in detail.

How to Calculate the Silver in Any Coin

Two numbers can help you calculate the silver in any coin: its total weight and silver purity. If you multiply the two, then divide the product by 31.1035 to convert grams to troy ounces.

For a silver quarter, 6.25 grams times 0.90 equals 5.625 grams. Then 5.625 divided by 31.1035 equals 0.1808 troy ounces.

You can convert ounces into dollars by multiplying the ounces by the current https://www.moneymetals.com/silver-price";>silver spot price. You can see the complete calculation on our https://www.moneymetals.com/guides/silver-coin-values";>silver coin value guide.

Silver in Rolls and Bags of Silver Coins

Junk silver coins often change hands in rolls and bags rather than one at a time. The figures below show how much silver each standard quantity contains.

How Much Silver Is in a Roll?

Standard bank rolls hold https://www.moneymetals.com/coin/how-many-quarters-in-a-roll";>50 dimes, 40 quarters, or 20 half dollars. A $10 roll of 90% silver quarters therefore contains 7.23 troy ounces of silver when new, or 7.15 ounces on the dealer basis. You can find out what that silver is worth today by multiplying the ounces by the current spot price.

Roll	Coins	Face Value	Roll Weight	Silver (New)	Silver (Dealer Basis)
90% dimes	50	$5	125 g	3.62 oz	3.58 oz
90% quarters	40	$10	250 g	7.23 oz	7.15 oz
90% halves	20	$10	250 g	7.23 oz	7.15 oz
40% Kennedy halves	20	$10	230 g	2.96 oz	2.95 oz
35% war nickels	40	$2	200 g	2.25 oz	2.25 oz

A full roll of silver quarters weighs 250 grams, or about 8.8 standard ounces on a kitchen scale. You might see some websites listing 226.8 grams, but that figure falls flat. It is short because it uses a rounded 8 ounce figure, which understates the true weight by about 9%.

How Much Silver Is in a Bag?

Dealers sell 90% silver coins in bags measured by face value. A $1,000 bag contains 723.4 troy ounces of silver when new. Alternatively, it may contain https://www.moneymetals.com/pre-1965-junk-silver-coins-half-dollars-kennedy-franklin/34";>715 ounces on the dealer basis. In either case, the bag weighs roughly 55 pounds. In clad quarters, the same face value bag weighs about 50 pounds.

Face Value	Silver (New)	Silver (Dealer Basis)	Bag Weight
$100	72.3 oz	71.5 oz	5.5 lb
$250	180.8 oz	178.75 oz	13.8 lb
$500	361.7 oz	357.5 oz	27.6 lb
$1,000	723.4 oz	715 oz	55.1 lb

Silver per Pound of 90% Coins

A kitchen scale can give you a quick estimate on the value of an old coin jar. Each pound of new 90% coins holds about 13.1 troy ounces of silver. That pound adds up to roughly $18 in face value.

Silver vs. Clad Coin Weights

Silver coins weigh more than the clad coins that replaced them. That makes a digital scale the fastest way to sort them.

Coin	90% Silver	40% Silver	Clad	Gap From Clad
Dime	2.50 g	None	2.268 g	0.23 g
Quarter	6.25 g	5.75 g (1976-S)	5.67 g	0.58 g (0.08 g for 1976-S)
Half dollar	12.50 g	11.50 g	11.34 g	1.16 g (0.16 g for 40%)

A scale that reads 0.1 gram can separate 90% silver coins from clad ones. 40% silver half dollars are harder to identify. These coins only weigh 0.16 grams more than a clad half, so you’ll need a scale that reads to 0.01 gram. Keep in mind that worn coins also weigh a bit less than new ones. For other identification methods, see our guide to https://www.moneymetals.com/bullion/what-coins-are-silver";>what coins are silver.

Older and Collector Coins That Don't Hold 0.1808 Ounces

Not every silver quarter matches the 0.1808 figure. Quarters made before 1873 used other weights, and modern proofs use purer silver.

Quarters Struck Before 1873

Quarter	Coin Weight	Silver	Silver (troy oz)
Capped Bust (before 1837)	6.74 g	89.24%	0.1934
Seated Liberty (1838-1853)	6.68 g	90%	0.1933
Seated Liberty (1853-1873)	6.22 g	90%	0.1800
1873 and later	6.25 g	90%	0.1808

Early https://cappedbustquarter.com/coin-specifications/";>Capped Bust and https://www.coincommunity.com/us_quarter_dollars/seated_liberty.asp";>Seated Liberty quarters held more silver than later ones. The 1853 law cut the quarter’s weight, and the 1873 law raised it a little to 6.25 grams.

Both changes took effect partway through the year, which required a way to distinguish the two coin types from one another. To solve that problem, the Mint marked the new weight with small arrows beside the date. You can learn more about dates and key coins in our https://www.moneymetals.com/bullion/what-quarters-are-silver";>silver quarter years guide.

Silver Proof Coins (1992 to Today)

The Mint still makes silver dimes, quarters, and half dollars for collectors. It sells them in silver proof sets, not as pocket change. From 1992 through 2018, these proof coins were https://www.moneymetals.com/coin/washington-quarter";>90% silver, the same composition as pre-1965 coinage.

The Mint switched to 99.9% fine silver in 2019. As a result, the 2019 silver proof quarter weighs https://www.coinnews.net/2019/02/21/u-s-mint-2019-quarters-silver-proof-set-features-999-fine-silver-coins/";>6.343 grams, which works out to about 0.2037 troy ounces of silver. For the 2026 Semiquincentennial set, the Mint lists https://www.usmint.gov/semiquincentennial-silver-proof-set-2026-26RH.html";>0.079, 0.199, and 0.399 troy ounces of silver. Those figures are for the dime, quarter, and half dollar. You can browse our selection of https://www.moneymetals.com/buy/silver/coins/silver-proof-coins";>silver proof coins in the shop.

Key Takeaways

A pre-1965 quarter contains 0.1808 troy ounces of silver. If you hold six of these quarters, you have one troy ounce of silver. Every dollar in face value of 90% coins holds 0.7234 ounces when new, or 0.715 ounces on the dealer basis. War nickels deliver the most silver per dollar of face value, while clad coins contain none.

If you'd like to add these coins to your holdings, browse our selection of https://www.moneymetals.com/buy/silver/junk-silver";>junk silver coins. They remain one of the simplest ways to own silver in small, known amounts.

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Frequently Asked Questions

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Silver Content of US Coins - How Much Silver Is in a Quarter, Dime, and Half Dollar - Grams, Troy Ounces, Coins per Ounce, and Silver per $1 Face - Money Metals

How Much Silver Is in a Quarter?

Coin Weight vs. Silver Weight

How Much Silver Is in a 1964 Quarter?

The 40% Exception: 1976-S Bicentennial Quarters

Silver Content of US Coins: Full Table

How Much Silver Is in a Dime?

How Many Silver Dimes Make an Ounce?

How Much Silver Is in a Half Dollar?

40% Silver Kennedy Halves (1965-1970)

Do Any Nickels Contain Silver?

War Nickels Hold the Most Silver per Dollar

How Many Silver Coins Make an Ounce?

Where the "$1.40 per Ounce" Rule Comes From

Silver per $1 Face Value: 0.7234 vs. 0.715 Troy Ounces

Why a Silver Dollar Holds More Silver Than Four Quarters

How to Calculate the Silver in Any Coin

Silver in Rolls and Bags of Silver Coins

How Much Silver Is in a Roll?

How Much Silver Is in a Bag?

Silver per Pound of 90% Coins

Silver vs. Clad Coin Weights

Older and Collector Coins That Don't Hold 0.1808 Ounces

Quarters Struck Before 1873

Silver Proof Coins (1992 to Today)

Key Takeaways